With the popularity of electric vehicles (EVs) growing in India, many lenders are sweetening loan deals for car-buyers this festive season. SBI, Bank of Baroda and Axis Bank, among others, are offering better interest rates on EV car loans than petrol and diesel variants. Interest rates on loans for electric cars tend to be lower by 10-30 basis points (bps) on an average (100 bps = 1 percentage point). For instance, Bank of Baroda is offering concessional rate of interest of up to 0.25 percentage points for EVs. The loan repayment tenure varies with the lender. For instance, Axis Bank is offering loans of up to seven years.